Bilibili Inc. Chairman and CEO Rui Chen filed a Form 4 on November 13, 2026, disclosing a share class conversion of 2,562,193 Class Y ordinary shares to Class Z ordinary shares held indirectly through Vanship Limited.

Key Highlights

  • Reporting person: Rui Chen, Chairman of the Board and CEO of Bilibili Inc. (NASDAQ:BILI), filed as a director, 10% owner, and officer.
  • Transaction date: November 13, 2026, with transaction code J (other acquisition or disposition) at a price of $0.
  • Shares converted: 2,562,193 Class Y ordinary shares were disposed of and an equal number of Class Z ordinary shares were acquired, on a one-to-one ratio.
  • Post-transaction holdings: Vanship Limited, controlled by Rui Chen, beneficially owns 45,470,609 Class Y ordinary shares and 2,562,193 Class Z ordinary shares indirectly.
  • Trigger: The conversion was required by the Hong Kong Listing Rules following the cancellation of 20,386,630 Class Z ordinary shares repurchased by the issuer.
  • Foreign trading symbol: The filing also lists a foreign trading symbol of HKEX: 9626.

Mandatory Share Class Conversion Following Bilibili Repurchase Cancellation

According to the filing, the transaction arose because Bilibili Inc. cancelled 20,386,630 Class Z ordinary shares that had been repurchased by the issuer. As a weighted voting rights (WVR) beneficiary under the Hong Kong Listing Rules, Rui Chen was required to convert a proportional number of Class Y ordinary shares into Class Z ordinary shares to maintain compliance with those rules. The filing states the conversion took place on November 13, 2026, at a price of $0, reflecting the mandatory, non-market nature of the exchange.

The 2,562,193 Class Y ordinary shares were disposed of and the same number of Class Z ordinary shares were acquired, all held indirectly through Vanship Limited, a company the filing identifies as controlled by Rui Chen. Following the transaction, Vanship Limited's indirect beneficial ownership stands at 45,470,609 Class Y ordinary shares and 2,562,193 Class Z ordinary shares, according to the filing.

The filing was made by one reporting person and was signed by Rui Chen on November 13, 2026. No derivative securities were reported in Table II of the form. The filing does not indicate any open-market purchase or sale of shares.

What Was Disclosed

Rui Chen's Form 4 disclosed a mandatory one-to-one conversion of 2,562,193 Class Y ordinary shares to Class Z ordinary shares, held indirectly via Vanship Limited, at $0, triggered by the issuer's cancellation of repurchased Class Z shares under Hong Kong Listing Rules.